Seattle Multifamily Investment
7 Dravus St Seattle, WA 98109
For Sale
$2,998,000
16 furnished units near Seattle Pacific University. Short-term rental potential.
Property Size5,600 SF
Price / SF$535.36
Days on Market538
Property Features for 7 Dravus St
General Information
Standard status
Active
Size
5,600 SF
Building Details
Year Built
1965
Listing Agency:
VIRGIL ADAMS REAL ESTATE, INC.
(206) 296-9610
Listed By:
DAN SWANSON · License #13533
Source:
Corcoran
Added: Feb 7, 2025
Changed: Mar 16
Last Checked: Jul 23 at 9:40AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of VIRGIL ADAMS REAL ESTATE, INC.
Investment Insights
Based on property information with market context.
Located in Seattle’s North Queen Anne neighborhood, Dravus Court is near Seattle Pacific University and within walking distance of Fremont’s core. It also provides an easy commute to South Lake Union and Downtown Seattle. The property consists of 16 fully furnished one-bedroom apartments situated in two adjacent buildings on 10,800 square feet of LR3 zoned land. Currently, Dravus Court operates as a short-term-stay property, primarily catering to traveling nurses and corporate transferees. Units can be rented for terms as short as one month with flexible lease end dates. The 5,600 square foot asset presents an opportunity to continue and improve upon this operation strategy, or transition the property to traditional rentals.
Key Highlights
- Prime location in desirable North Queen Anne, Seattle.
- Walking distance to Fremont and close to Seattle Pacific University.
- Easy commute to South Lake Union and Downtown Seattle.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $178.1k | $31.80 |
| − Vacancy | −$6.2k | −$1.11 |
| EGI | $171.8k | $30.69 |
| − OpEx | −$77.3k | −$13.81 |
| NOI | $94.5k | $16.88 |
5,600 SF · lease $31.80/SF/yr · vacancy 3.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.35M
$1.18M – $1.58M
NOI $94,516 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.68M
$1.47M – $1.97M
NOI $117,934 @ 7.0% cap · market cap 3.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - 16 furnished units near Seattle Pacific University. Short-term rental potential.
Where is this apartment building located?
The property is located at 7 Dravus St Seattle, WA.
What is the asking price?
The asking price for this property is $2,998,000.
What are key features of this property?
This property features: Prime location in desirable North Queen Anne, Seattle.; Walking distance to Fremont and close to Seattle Pacific University.; Easy commute to South Lake Union and Downtown Seattle.
